tax

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A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures. A failure to pay, along with evasion of or resistance to taxation, is punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labour equivalent. The first known taxation took place in Ancient Egypt around 3000–2800 BC.
Most countries have a tax system in place to pay for public, common, or agreed national needs and government functions. Some levy a flat percentage rate of taxation on personal annual income, but most scale taxes based on annual income amounts. Most countries charge a tax on an individual's income as well as on corporate income. Countries or subunits often also impose wealth taxes, inheritance taxes, estate taxes, gift taxes, property taxes, sales taxes, payroll taxes or tariffs.
In economic terms, taxation transfers wealth from households or businesses to the government. This has effects which can both increase and reduce economic growth and economic welfare. Consequently, taxation is a highly debated topic.

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  1. T

    Land tax. Rates

    Hello all. I don't know where to start, so will get straight to the point. We are being sued by Whitsunday reginal council for rates unpaid. It's not that we refuse to pay, we are paying a bit each month. We had contacted them late last year and told them our circumstances and how much we could...
  2. L

    NSW Dual Citizen ship question regarding TAX

    (Sorry im not sure where to ask this question, Sorry in advance if this is the wrong spot this is the only forum i could find that seemed legit for asking this question) I am an Australia citizen. I am interested in getting a Dual Citizenship for Portugal. My question is, Once i am a dual...
  3. M

    Is compensation tax free?

    Hi, I am a mortgage broker and run my business through a Pty Ltd company. One of the big banks did some dodgy stuff and stole my customer, and I believe they are about to offer me compensation. The compensation is really for lost commission payments, but also could be for stress and suffering...
  4. B

    QLD Can Tax be used as liability

    Hello , I am in a settelment dispute with my ex partner. Assets will be valued as agreed with each other to detail the balance sheet ( assets /liabilities calculations) . My questions are - I have an income tax outstanding of 20k from the last year we were together. Can I put this in the...
  5. W

    VIC TPD proceeds taxed

    Where can I find legislation and the section regarding how/if TPD claim proceeds are taxed when the funds arrive into a super fund.
  6. P

    NSW gst & tax related issue with ex being a sole trader & unpaid tax & Gst for 4 years

    Writing this on behalf of sister, Husband as been sole trader & has not paid individual tax or gst for four years. She was not part of this sole trader business ,has only become aware of this just after separation approx 80K ++ tax & gst 40K whilst we can understand that she has had the...
  7. H

    VIC What Capital expenditure costs are deemed to reduce your capital gains tax?

    Is a monetary settlement sum when paying a third party to agree to remove a caveat deemed capital expenditure is defending or preserving your capital gains tax asset?
  8. J

    NSW Super/TPD claim and tax

    Don't know if this is the right group to ask this question. Have tried calling ATO but had to hang up before I got someone..... my Brother is looking at claiming his super and TPD due to a terminal illness. if he is successful - there are a lot of hoops to jump through to get it - does he pay...
  9. vshankar90

    NSW Capital Gains Tax for Resident Tax Payer - 482 Visa

    Hi All Looking for some help here. ATO Forums and Tax advisors are not giving the right answer or maybe they are busy :( Even got a paid consultation but getting contradicting answer I am on 482 TSS Visa - Co.Founder of a US HQ Startup with Subs in AUS. Looking to sell some shares. It comes...
  10. O

    NSW Income tax payable on receipt of income protection lump sum payment?

    I have been advised that income tax is payable on an income protection insurance lump sum payment (-legal costs) in the year it is received. Does whether the lump sum was negotiated prior to Court or decided at Court have any bearing how the ATO views the lump sum payment? ie as income in that...